
Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.
Petrol and diesel fall in GST, 0.4% loss to GDP
Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.
Saudi Arabia turned down India's request
Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.
Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.
The central government has warned all states about the second wave of Corona. The Center said on
Batting brilliantly, the Rajasthan Royals defeated the Punjab Kings by 6 wickets with 4 balls to
Man leaves everything for love. You must have heard this in tales and stories, but Princess Mako
Leader of Opposition Rahul Gandhi on Sunday said Manipur Chief Minister N Biren Singh had to resi
The Indian cricket team, after defeating South Africa 2-1 in the ODI series, started the five-mat
Home Minister Amit Shah addressed a public rally in the Patharkandi assembly constituency of Assa
UP is ready: Preparations to promote Nipun Bharat Mission, a program organized on July 21 in Lucknow
Under the New Education Policy, 2020, the Government of Uttar Pradesh is going to take forward th
Tapas Unmanned Aerial Vehicle (UAV) has completed 18 hours of flight testing. It has been designe
The Hathras stampede case has reached the Supreme Court. A PIL has been filed in which it has bee
What will be the effect on India if Imran Khan's government falls?
Political tension has increased thereafter the opposition parties brought a no-confidence motion